All professionals are legally responsible for the services they provide – whether, a financial adviser providing financial planning advice; an accountant providing taxation advice; or, a medical practitioner treating a patient
Therefore it is important insurance is in place protecting you for the services you provide when things go wrong.
Medical Indemnity covers:
- The legal costs to defend or settle a claim arising from demands alleging a breach of professional duty (error during treatment of a patient)
- Other legal fees for non-compensation claims – such as a medical board investigation or coronial inquiry
Australian registered healthcare professionals are required to hold individual medical indemnity insurance (also referred to as Medical Malpractice or Professional Indemnity) which complies with the standards set by their Registration Board.
Coverage varies widely between Medical Indemnity Insurers. It is therefore only by engaging a qualified adviser, as opposed to your Medical Defence Organisation (MDO) that a truly tailored product can be obtained with comparisons in coverage made.
Medical Indemnity in Australia is usually structured so that privately practising doctors will hold their own cover. A second policy, often referred to as ‘medical practice indemnity’ may be required to cover a practice entity and their employees.
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